NAV Of 14 IT Sector MFs Rises 10.41% Since Aug

Updated: Sep 17 2003, 05:30am hrs
IT sector mutual funds are doing well in the recent past. The net asset value (NAV) of these funds moved upward, registering positive returns of 4 to 19 per cent. An analysis of 14 schemes dedicated to the information technology, telecommunication and entertainment industry shows an average positive return of 10.41 per cent between August 1, 2003 and September 15, 2003.

Among these 14 funds, Prudential ICICI Tech Plan leads the pack with the highest positive return of 18.98 per cent during the study period. The funds net asset value increased from Rs 3.32 to Rs 3.95. The asset of the fund as on August 29, 2003 has 92.8 per cent in equity and 7.2 per cent in money market. Among the equity, Prudential ICICI Tech Plan had highest investment in HCL Technologies (10.41 per cent as on August 29, 2003).

KMMF K Tech Fund comes second with a positive return of 17.53 per cent as its NAV increased from Rs 2.91 to Rs 3.42. Next was Franklin Infotech Fund-D and Franklin Infotech Fund-G, which registered positive returns of 14.35 per cent and 14.25 per cent respectively. The Franklin Infotech Fund-D has the highest investment in Infosys Techno (33.38 per cent as on August 29) followed by HCL Technologies (11.37 per cent).

While the DSP Merrill Lynch Techno.Com Fund schemes NAV increased from Rs 4.86 to Rs 5.50. The UTI-GSF-Software Funds NAV increasing from Rs 7.18 on August 1 to Rs 8.09 on September 15, registering a positive return of 12.67 per cent. The asset of the fund as on August 29, 2003 has 94.11 per cent in equity.

Among the equity, UTI-GSF-Software Fund had highest investment in Infosys Technologies (20.71 per cent as on August 29) followed by Satyam Computer (10.10 per cent). The top five in terms of NAV on September 15 are Franklin Infotech Fund-G (Rs 14.67), Birla IT Fund-Plan B(G) (Rs 14.67), Birla IT Fund-Plan A(D) (Rs 12.64), Franklin Infotech Fund-D (Rs 10.04) and Chola Freedom Technology-Cum (Rs 9.41). Among them, highest increase in NAV was noticed in the case of Franklin Infotech Fund-D.